Defence industry one of key drivers of India's growth, says Defence Minister Rajnath Singh

Bengaluru: India will become 3rd largest economy in the world in the next 5 years, Defence Minister Rajnath Singh said on Monday, adding that the Indian defence manufacturing industry is one of the key drivers of our fast-growing economy. Speaking at Aero India 2023 CEO Roundtable Conclave in Bengaluru, he said “We aim to nurture a vibrant and world-class defence manufacturing industry in the country. To achieve this goal, our government has taken far-reaching reform measures in the last few years to create a business-friendly environment,” he said.

Speaking at the ‘CEO's Round Table Conclave’ in Bengaluru.#AeroIndia2023 https://t.co/XiyhVE38Lz

— Rajnath Singh (@rajnathsingh) February 13, 2023

The Defence Minister has called upon Indian and global industry leaders to support the government’s endeavour to design, develop and manufacture cutting-edge products, using critical technologies within the country to attain complete ‘Aatmanirbharta’ in defence. The Centre for Economics and Business Research (CEBR), a British consultancy, had in December last year said that India will become the third largest economy by 2035 from the current fifth spot. In its annual World Economic League Table, the CEBR said that over the next five years, India’s annual rate of GDP growth is expected to average 6.4 per cent after which growth is expected to average 6.5 per cent in the subsequent nine years. Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.